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OCR: P. PERFO RMING FUNDS IN THe NoRtheASt Although these 88 tax- free funds are ranked within each state hy their total returm over the past year don't be guided by their past performance alone. Funds with average maturities of 10 years less are the least volatile: when interesi rates rise, they decline in price only half as much as longer-term funds do. r addition, look for high aver age credi ratings. Lastly, seek funds with low relative expenses and sales commissions those two monsi ters eat up your returns. X.compourd gain to April1.1993 anrual Fis Portfelic Average analysis Average NEt Dasct %maximem Exponse analysis expens Five-year STATE/FUND OTH Three maturit initialsales NEW YORK years year yield [years] [millfans charge projection Telephone Flagship N.Y. Tax-Exempt 16.5 N.A 23.0 $26. ...